The benchmark equity indices ended Monday’s trading session in the positive territory. The NSE Nifty 50 gained 27.70 points or 0.13% to settle at 20,997.10, while the BSE Sensex jumped 102.93 points or 0.15% to 69,928.53. Bank Nifty index ended slight higher by 52.25 points or 0.06% to settle at 47,314.25.
The broader indices ended in positive territory, with gain led by Smallcap and Midcap stocks. Media and Metal stocks outperformed among the other sectoral indices while Pharma and Healthcare stocks shed.
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UltraTech Cement, UPL, Adani Enterprises, Nestle India and Power Grid Cooperation were the top gainers on the NSE Nifty 50, while the laggards include Dr Reddy’s Labs, Axis Bank, Cipla, Eicher Motors and Mahindra & Mahindra.
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The Indian Volatility Index (India VIX) closed up by 2.30 %.
“The market crossed 70,000 levels today, while the broader market outperformed the main indices. However, profit booking was evident at higher levels as traders anticipated clues from tomorrow’s significant data releases on inflation from the US and India, as well as the IIP. While US inflation is predicted to remain stable, the market anticipates a rise in domestic inflation,” said Vinod Nair, Head of Research at Geojit Financial Services
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Nair also said that, The better-than-expected US job data and a moderate increase in US bond yields from the recent lows, however, also encouraged investors to book profits at higher levels. Investors will be closely watching the upcoming FOMC meeting tomorrow for clues about potential future rate cuts while expecting to keep rates the same this time
